28/09/2020
Considerations from Bangkok regarding recent New Nordic Group developments
The New Nordic Group had promised to disclose a restructuring strategy in September. This warranty bought them valuable time to carry out self-interested measures under the factual protection of a standstill request. This consequent way of exploiting the principle "hope dies last" should not come as a surprise for an experienced counsel.
Latest at the beginning of October 2020, it is time to sweep up the remaining shards. This concerns real estate, liquid assets, corporate structures, income streams, liabilities, key persons, and above all the actions and procedures that have been taken. It is necessary to assess whether the individual elements have been made in favor of the international circle of investors or selfishly in favor of the developer. Separately, it must be assessed whether illegal and/or criminal behavior has occurred.
Under the hashtag , injured parties have come together in Facebook groups to vent their anger. Free storms in social media can be effective means to achieve economic goals. In this case, the opposite might be true. Angry victims show chaotic and uncoordinated reactions in a time when prudent actions after careful consideration would be more advisable.
It is our view that the openly revealed planned course of action will only benefit the opponent. The naming of the property investors with contact details has no rational objective. The gentlemen of the New Nordic Group will just highlight the troublemakers' names in their complete list of the contracting parties for further processing. They will at least not be so impressed that they show the willingness to compromise.
Instead, the disclosed parties will be accountable for statements made by others. It is foreseeable that provocateurs will heat the situation and steer the statements in the totally wrong direction. As soon as the first defamation allegations are received by the police, many kindhearted people will wish not to be exposed in such a striking way. This is especially true concerning an opponent who can observe the fighting in all peace from abroad with an ice-cold Akvavit.
A strategy is not intended to answer the question "what could we do next", but is a general plan to achieve long-term overall goals under conditions of uncertainty. A well-considered and professional approach is the best way to protect one's own legal position in the Land of Smile and to assert one's own interests in all friendliness. Professionalism, rationality, the choice of legal means, and strategic thinking will ultimately decide whether the investment is maintained or lost.
PUGNATORIUS Ltd. is focussed on foreign investments in Thailand. Land developments, condo purchases, and property litigations are one of the cores of the law firm’s practice. This includes especially rental guarantees, buy-back options, and other structured property investments. The Bangkok law firm supports foreign investors in Thai real estate developments in all steps of the acquisition process. In addition, the legal counselor assists in the event of disruptions in the processing as well as in the enforcement of legal claims. Would you like to know more? pugnatorius.com/new-nordic
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